Gold News

Gold Prices 'have factors in place' to go higher

A senior figure at Barrick Gold claimed yesterday (March 31st) that a number of factors are in places to help push Gold Prices higher, Reuters reports.

Rob Krcmarov, vice-president of exploration at the world's largest gold producer, stopped short of a specific target for the yellow metal while speaking at the CESCO exploration forum in Santiago.

However, he explained that a combination of decreasing mine supply, the ongoing effects of the global financial crisis and the threat of inflation should see Gold Investment continue to increase.

He was quoted by the news provider as saying: "It's a very attractive asset class. In terms of commodity prices, obviously mine supply is going down.

"The industry in general is not replacing supply. The rate of discovery is decreasing."

Those comments were echoed last week by Noriyuki Abe, an executive at the precious metals division of Tanaka Kikinzoku Kogyo KK, the largest bullion dealer in Japan.

He explained that the company has seen 4,000 members sign up for its gold accumulation plan since October last year - more than four times higher than the expected number.

"We've never seen anything like this," he told Bloomberg.

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